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Re: Grassy_K's Unenforceability Diary
Hi Grassy
Ok so whatever happens, we need to give Arc Europe something to think about, other than issuing a claim and hoping to get a default judgement. Send off the letter below and then we can follow this up with another letter addressing the 'Letter before Action' which is effectively what they have sent you.
Note that the content of the letter below makes broad assumptions as you've not been able yet to find all the information I've asked for, so you need to be aware that if theres any statements below that are not correct that it may prejudice you and assist them in painting you in a bad light.
<Start of letter>
FORMAL COMPLAINT - Please do not ignore this letter
Account # [xxxxxx] <--EDIT WITH DETAILS-->
Dear Sir/Madam
I am writing to you with regard to the above account that you allege I have with your company.
Please note that ALL correspondence with regard to this account should now be placed in writing only. I will not discuss the above accounts with you over the phone, and any attempt to contact me by telephone will be considered harassment.
I wish to make a formal complaint in relation to the above loan and how it was sold to me as it has resulted in me suffering serious financial hardship and becoming unfairly indebted.
I would not have suffered such detriment had Quickquid complied with the relevant consumer credit laws in relation to my individual circumstances, in particular:
1) Quickquid failed to properly assess my creditworthiness when they lent me money contrary to section 55B of the Consumer Credit Act 1974.
2) The representative APR and true costs of the borrowing was not made clear to me. This is unfair and contrary to the Advertising Regulations and the Consumer Protection from Unfair Trading Regulations.
3) Quickquid also failed to provide me with the proper statutory pre-contractual information before I entered into the loan – including a clear explanation of the consequences of missing a payment, and default charges.
4) Quickquid also failed to provide me with adequate pre- contractual explanations on the suitability of payday loans in relation to particular types of use, and how much I would really have to pay and what would happen to me if I was unable to do so.
Had I been aware of the above information, I would not have taken out this product, and, because of these failures, I have been significantly prejudiced and have suffered financial loss & hardship.
The status of the loan is as follows:
Account # [xxxxxx] I borrowed £xxx on xx/xx/xxxx and to date I have repaid £xxx
I would really like to settle this complaint amicably, and respectfully remind you not just of the failures above but also of your companies obligations to treat customers with forbearance as per FCA CONC guidelines, specifically with regard to freezing interest and charges on the accounts of those suffering financial hardship. I should also remind you that the above failures will be brought to the Courts attention should you issue a claim.
With all of the above in mind, as I have already repaid back the capital on the loans mentioned above, plus interest, I would suggest it is in the best interest of all parties for you to close the above account.
If you are not prepared to do so please explain why, within the statutory 8-week period, so I can take my complaint to the relevant regulatory authorities, including, but not limited to the FCA.
I remind you of my request to keep all correspondence with regard to these accounts in writing, and look forward to receiving your written response shorty.
Yours sincerely
Grassy K
Hi Grassy
Ok so whatever happens, we need to give Arc Europe something to think about, other than issuing a claim and hoping to get a default judgement. Send off the letter below and then we can follow this up with another letter addressing the 'Letter before Action' which is effectively what they have sent you.
Note that the content of the letter below makes broad assumptions as you've not been able yet to find all the information I've asked for, so you need to be aware that if theres any statements below that are not correct that it may prejudice you and assist them in painting you in a bad light.
<Start of letter>
FORMAL COMPLAINT - Please do not ignore this letter
Account # [xxxxxx] <--EDIT WITH DETAILS-->
Dear Sir/Madam
I am writing to you with regard to the above account that you allege I have with your company.
Please note that ALL correspondence with regard to this account should now be placed in writing only. I will not discuss the above accounts with you over the phone, and any attempt to contact me by telephone will be considered harassment.
I wish to make a formal complaint in relation to the above loan and how it was sold to me as it has resulted in me suffering serious financial hardship and becoming unfairly indebted.
I would not have suffered such detriment had Quickquid complied with the relevant consumer credit laws in relation to my individual circumstances, in particular:
1) Quickquid failed to properly assess my creditworthiness when they lent me money contrary to section 55B of the Consumer Credit Act 1974.
2) The representative APR and true costs of the borrowing was not made clear to me. This is unfair and contrary to the Advertising Regulations and the Consumer Protection from Unfair Trading Regulations.
3) Quickquid also failed to provide me with the proper statutory pre-contractual information before I entered into the loan – including a clear explanation of the consequences of missing a payment, and default charges.
4) Quickquid also failed to provide me with adequate pre- contractual explanations on the suitability of payday loans in relation to particular types of use, and how much I would really have to pay and what would happen to me if I was unable to do so.
Had I been aware of the above information, I would not have taken out this product, and, because of these failures, I have been significantly prejudiced and have suffered financial loss & hardship.
The status of the loan is as follows:
Account # [xxxxxx] I borrowed £xxx on xx/xx/xxxx and to date I have repaid £xxx
I would really like to settle this complaint amicably, and respectfully remind you not just of the failures above but also of your companies obligations to treat customers with forbearance as per FCA CONC guidelines, specifically with regard to freezing interest and charges on the accounts of those suffering financial hardship. I should also remind you that the above failures will be brought to the Courts attention should you issue a claim.
With all of the above in mind, as I have already repaid back the capital on the loans mentioned above, plus interest, I would suggest it is in the best interest of all parties for you to close the above account.
If you are not prepared to do so please explain why, within the statutory 8-week period, so I can take my complaint to the relevant regulatory authorities, including, but not limited to the FCA.
I remind you of my request to keep all correspondence with regard to these accounts in writing, and look forward to receiving your written response shorty.
Yours sincerely
Grassy K
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